A Business at a Glance
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HARVARD BIOSCIENCE INC
HBIO
$266M
Mkt Cap
$6.00
-3.07%
HARVARD BIOSCIENCE INC (HBIO) has a 5-year average return on invested capital (ROIC) of -23.9%. This is below average and may indicate limited pricing power.
HARVARD BIOSCIENCE INC (HBIO) has a market capitalization of $266M. It is classified as a small-cap stock.
HARVARD BIOSCIENCE INC (HBIO) does not currently pay a regular dividend.
HARVARD BIOSCIENCE INC (HBIO) operates in the Laboratory Analytical Instruments industry, within the Technology sector.
HARVARD BIOSCIENCE INC (HBIO) reported annual revenue of $87 million in its most recent fiscal year, based on SEC EDGAR filings.
HARVARD BIOSCIENCE INC (HBIO) has a net profit margin of -65.5%. The company is currently unprofitable.
HARVARD BIOSCIENCE INC (HBIO) generated $5 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Harvard Bioscience, Inc., a Delaware corporation, is a leading developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bioproduction and preclinical testing for pharmaceutical and therapy development. Our products and services are sold globally to customers ranging from renowned academic institutions and government laboratories to the world’s leading pharmaceutical, biotechnology and contract research organizations (“CROs”). With operations in the United States, Europe and China, we sell through a combination of direct and distribution channels to customers around the world. Our History and Strategy Our business began in 1901, under the name Harvard Apparatus. It was founded by Dr. William T. Porter, a Professor of Physiology at Harvard Medical School and a pioneer of physiology education.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 87M | 87M | 94M | 112M | 113M | 119M |
| Net Income | -57M | -57M | -12M | -3.4M | -9.5M | -288K |
| EPS | $-1.28 | $-1.28 | $-0.28 | $-0.08 | $-0.23 | $-0.01 |
| Free Cash Flow | 5.5M | 5.5M | -1.2M | 12M | -438K | 67K |
| ROIC | -77.7% | -100.4% | -14.8% | 1.7% | -7.8% | 1.7% |
| Gross Margin | 57.7% | 57.7% | 58.2% | 58.9% | 53.7% | 56.9% |
| Debt/Equity | 3.22 | 3.22 | 0.70 | 0.59 | 0.75 | 0.69 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -49M | -49M | -6.2M | 1.9M | -6.9M | 2.1M |
| Operating Margin | -56.1% | -56.1% | -6.6% | 1.7% | -6.1% | 1.7% |
| ROE | -412.8% | -147.1% | -18.2% | -4.7% | -12.2% | -0.4% |
| Shares Outstanding | 44M | 44M | 44M | 43M | 41M | 29M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 109M | 109M | 105M | 77M | 121M | 116M | 102M | 119M | 113M | 112M | 94M | 87M | 87M |
| Gross Margin | 45.4% | 44.8% | 46.3% | 50.6% | 52.3% | 55.4% | 56.8% | 56.9% | 53.7% | 58.9% | 58.2% | 57.7% | 57.7% |
| R&D | 4.9M | 6.4M | 5.4M | 5.6M | 11M | 11M | 8.7M | 11M | 12M | 12M | 10M | 8.8M | 8.8M |
| SG&A | 17M | 20M | 21M | 18M | 21M | 23M | 24M | 24M | 24M | 23M | 21M | 18M | 18M |
| EBIT | 6.6M | -1.7M | -3.0M | -635K | 984K | 377K | N/A | 2.1M | -6.9M | 1.9M | -6.2M | -49M | -49M |
| Op. Margin | 6.1% | -1.6% | -2.9% | -0.8% | 0.8% | 0.3% | N/A | 1.7% | -6.1% | 1.7% | -6.6% | -56.1% | -56.1% |
| Net Income | 2.4M | -19M | -4.3M | -865K | -2.9M | -4.7M | -7.8M | -288K | -9.5M | -3.4M | -12M | -57M | -57M |
| Net Margin | 2.2% | -17.5% | -4.1% | -1.1% | -2.4% | -4.0% | -7.6% | -0.2% | -8.4% | -3.0% | -13.2% | -65.5% | -65.5% |
| Non-Recurring | 1.8M | 763K | 680K | 12K | 3K | 1.4M | 2.0M | 1.3M | 2.4M | 794K | 800K | 48M | 48M |
| Returns on Capital | |||||||||||||
| ROIC | 3.5% | -1.7% | -4.9% | -1.0% | 0.9% | 0.3% | N/A | 1.7% | -7.8% | 1.7% | -14.8% | -100.4% | -77.7% |
| ROE | 2.5% | -22.0% | -5.8% | -1.1% | -3.6% | -5.7% | -9.9% | -0.4% | -12.2% | -4.7% | -18.2% | -147.1% | -412.8% |
| ROA | 1.7% | -14.9% | -3.8% | -0.8% | -2.1% | -2.8% | -4.9% | -0.2% | -6.2% | -2.4% | -9.4% | -54.9% | -70.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 4.4M | 705K | 5.4M | 1.1M | 2.9M | 8.0M | 9.3M | 1.3M | 1.2M | 14M | 1.4M | 6.7M | 6.7M |
| Free Cash Flow | 4.4M | 705K | 5.4M | 167K | 1.9M | 6.8M | 8.2M | 67K | -438K | 12M | -1.2M | 5.5M | 5.5M |
| Owner Earnings | -1.6M | -6.6M | -2.4M | -5.3M | -8.0M | -2.7M | -1.9M | -11M | -11M | 2.0M | -9.9M | -896K | -896K |
| CapEx | 0 | 0 | 0 | 890K | 986K | 1.2M | 1.2M | 1.2M | 1.6M | 1.8M | 2.6M | 1.3M | 1.3M |
| Maint. CapEx | 3.8M | 4.6M | 4.3M | 2.9M | 7.8M | 7.7M | 7.6M | 7.6M | 7.6M | 7.0M | 7.0M | 5.8M | 5.8M |
| Growth CapEx | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 3.8M | 4.6M | 4.3M | 2.9M | 7.8M | 7.7M | 7.6M | 7.6M | 7.6M | 7.0M | 7.0M | 5.8M | 5.8M |
| CapEx/OCF | N/A | N/A | N/A | 84.2% | 34.2% | 15.1% | 12.3% | 94.7% | 138.0% | 12.7% | 183.6% | N/A | 18.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 2.2M | 2.8M | 3.5M | 3.5M | 3.0M | 3.0M | 3.6M | 4.2M | 4.4M | 5.0M | 4.3M | 1.9M | 1.9M |
| Debt Repayment | 5.5M | 8.3M | 9.1M | 4.7M | 20M | 12M | 67M | 2.0M | 3.2M | 4.1M | 6.0M | 25M | 25M |
| Balance Sheet | |||||||||||||
| Net Debt | 19M | 14M | 17M | 6.6M | 59M | 52M | 50M | 49M | 50M | 39M | 40M | 36M | 36M |
| Cash & Equiv. | 14M | 6.7M | 5.6M | 5.2M | 8.2M | 8.3M | 8.3M | 7.8M | 4.5M | 4.3M | 4.1M | 8.6M | 8.6M |
| Long-Term Debt | 16M | 16M | 11M | 9.0M | 55M | 47M | 46M | 45M | 43M | 31M | 0 | 36M | 36M |
| Debt/Equity | 0.35 | 0.27 | 0.31 | 0.15 | 0.81 | 0.74 | 0.75 | 0.69 | 0.75 | 0.59 | 0.70 | 3.22 | 3.22 |
| Interest Coverage | 6.7 | -2.0 | -4.7 | -0.9 | 0.2 | 14.5 | N/A | 7.4 | -24.8 | 6.8 | -1.9 | -13.5 | -13.5 |
| Equity | 95M | 78M | 72M | 81M | 83M | 82M | 77M | 83M | 72M | 73M | 63M | 14M | 14M |
| Total Assets | 136M | 120M | 108M | 109M | 169M | 165M | 156M | 162M | 145M | 137M | 127M | 80M | 80M |
| Total Liabilities | 40M | 42M | 36M | 28M | 86M | 83M | 80M | 79M | 73M | 64M | 63M | 66M | 66M |
| Intangibles | 21M | 21M | 17M | 10M | 46M | 38M | 33M | 27M | 21M | 16M | 11M | 7.6M | 7.6M |
| Retained Earnings | -93M | -112M | -116M | -117M | -120M | -125M | -132M | -133M | -142M | -146M | -158M | -215M | -215M |
| Working Capital | 39M | 31M | 31M | 33M | 32M | 28M | 31M | 36M | 28M | 22M | -9.8M | 26M | 26M |
| Current Assets | 57M | 51M | 45M | 48M | 58M | 54M | 52M | 62M | 51M | 49M | 45M | 48M | 48M |
| Current Liabilities | 18M | 19M | 15M | 14M | 25M | 25M | 21M | 25M | 23M | 27M | 55M | 22M | 22M |
| Per Share Data | |||||||||||||
| EPS | 0.07 | -0.57 | -0.13 | -0.02 | -0.08 | -0.12 | -0.20 | -0.01 | -0.23 | -0.08 | -0.28 | -1.28 | -1.28 |
| Owner EPS | -0.05 | -0.20 | -0.07 | -0.12 | -0.22 | -0.07 | -0.05 | -0.37 | -0.26 | 0.05 | -0.22 | -0.02 | -0.02 |
| Book Value | 2.84 | 2.32 | 2.18 | 1.87 | 2.26 | 2.09 | 1.96 | 2.90 | 1.75 | 1.71 | 1.43 | 0.31 | 0.31 |
| Cash Flow/Share | 0.13 | 0.02 | 0.16 | 0.02 | 0.08 | 0.21 | 0.24 | 0.04 | 0.03 | 0.33 | 0.03 | 0.15 | -1.15 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 33.6M | 33.4M | 33.1M | 43.3M | 36.5M | 39.1M | 39.0M | 28.8M | 41.4M | 42.7M | 44.3M | 44.3M | 44.3M |
| Valuation | |||||||||||||
| P/E Ratio | 73.4 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -4.7 |
| P/FCF | 39.7 | 173.4 | 17.5 | 841.7 | 58.3 | 16.8 | 20.6 | N/A | N/A | 18.9 | N/A | N/A | 48.6 |
| EV/EBIT | 26.5 | N/A | N/A | N/A | 163.9 | 406.9 | N/A | 164.9 | N/A | 139.8 | N/A | N/A | N/A |
| Price/Book | 1.8 | 1.6 | 1.3 | 1.7 | 1.3 | 1.4 | 2.2 | 3.6 | 1.5 | 3.3 | 1.4 | N/A | 19.4 |
| Price/Sales | 1.4 | 1.5 | 0.9 | 1.6 | 1.4 | 1.0 | 1.2 | 2.4 | 1.6 | 1.7 | 1.6 | N/A | 3.1 |
| FCF Yield | 2.5% | 0.6% | 5.7% | 0.1% | 1.7% | 5.9% | 4.8% | 0.0% | -0.4% | 5.1% | -1.4% | N/A | 2.1% |
| Market Cap | 173M | 122M | 94M | 141M | 111M | 115M | 169M | 303M | 108M | 238M | 87M | 0 | 266M |
| Avg. Price | 4.52 | 4.79 | 2.84 | 2.92 | 4.79 | 2.97 | 3.12 | 6.73 | 4.10 | 4.37 | 3.31 | 0.00 | 6.00 |
| Year-End Price | 5.14 | 3.66 | 2.85 | 3.25 | 3.03 | 2.94 | 4.32 | 7.19 | 2.50 | 5.41 | 1.98 | 0.00 | 6.00 |
HARVARD BIOSCIENCE INC passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 36.0x vs a median of 18.9x. The company's 5-year average gross margin is 57.1%. At current prices, the estimated annualized return to fair value is -0.4%.
HARVARD BIOSCIENCE INC (HBIO) has a debt-to-equity ratio of 3.22. This indicates higher leverage, which may increase financial risk.
HARVARD BIOSCIENCE INC (HBIO) reported earnings per share (EPS) of $-1.28 in its most recent fiscal year.
HARVARD BIOSCIENCE INC (HBIO) has a return on equity (ROE) of -147.1%. A negative ROE may indicate losses or negative equity.
HARVARD BIOSCIENCE INC (HBIO) has a 5-year average gross margin of 57.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for HARVARD BIOSCIENCE INC (HBIO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HARVARD BIOSCIENCE INC (HBIO) has a book value per share of $0.31, based on its most recent annual SEC filing.